We are selling a property in a family limited partnership. My share will be $400, 000. My projected taxable income for 2017 will be around $30,000. What will be the tax implications and is there a way to mitigate them? Thank you

We are selling a property in a family limited partnership. My share will be $400, 000. My projected taxable income for 2017 will be around $30,000. What will be the tax implications========>>your LTCG of $400K will increase your marginal a tax rate and Yaso, your long-term capital gains tax rate depends on your marginal tax rate, or tax bracket,aslongas your marginal rate is 39.6% your tax rate on LTCG?ll be 20% the highest LTCG rate; In addition, you are assessed an additional 3.8% tax on certain investment income, as part of the Affordable Care Act.

and is there a way to mitigate them?==========>> There are several ways to lower your marginal tax rate, although your individual circumstances determine whether you can take advantage of them. Generally speaking, you can lower your tax rate by increasing your tax deductions, applying tax credits where possible, finding ways to reduce AGI or focus on earning tax-free income. The government provides tax breaks for activities that include charitable donations, contributions to a qualified retirement plan and purchasing certain kinds of assets. These rules change year to year, but they are important to understand if you want to reduce your AGI or etc